From Xinhua: The U.S. Federal Reserve Board on Tuesday announced it has approved the application by China Investment Corporation (CIC) to buy up to 10 percent of voting shares of investment giant Morgan Stanley.
The central bank said CIC, a sovereign wealth fund organized by the Chinese government to invest foreign exchange reserves, will acquire the stakes indirectly. It entered into a stock purchase agreement to acquire voting common stock of Morgan Stanley by August 2010……………………………………….Full Article: Source